Now that concerns about the conflict in the Middle East have abated noticeably, the US interest rate outlook has regained the upper hand for Gold. Against this backdrop, the Minutes of the latest FOMC meeting, which are due to be published today, are likely to be of interest.

The fact that for many FOMC members, another rate hike is not yet off the table could be reflected again in the Minutes. That said, there have been increasing indications since the meeting in early November that the Fed has probably reached its interest rate peak. After all, besides weak economic indicators, inflation also fell more steeply than expected in October. 

Any negative impact of the Minutes on prices should therefore be limited.